15 Real estate

Alex Anastopolous bought a plot of land from the Crown and built a barn on it.  Tired of farming, he rented the land to Matti Oonapuu.  What is the legal name for the type of ownership Alex has?

• A)  fee simple

• B)  a life estate

• C)  tenancy in common

• D)  an intangible estate

• E)  a leasehold

Timmy and June owned a house in a joint tenancy. Timmy died and in in his will, left his share of the property to his estranged wife Mavis. Mavis is insisting on moving into the property but June has objected to this. Which of the following statements most accurately describes the legal position?

• A) Mavis is now a joint tenant of the property with June.

• B) Mavis will not have an interest in the property until June dies.

• C) Mavis cannot be legally excluded from the property as she is now a part owner of it.

• D) Mavis has no ownership interest in the property.

• E) Both A and C

Which of the following is a feature of condominium ownership?

• A) The owner of each unit in the development also owns a share of the common elements

• B) The right to possession of each unit in the development is shared between the owner and the condominium corporation

• C) All owners are equally liable for any debts incurred by another owner with respect to the property

• D) The condominium corporation must give consent for a unit to be rented

• E) All of the above

Under the Registry system Peter and Marisa are neighbours. The only access to Marisa’s property is through a lane running along the full length of Peter’s property. Marisa has been using this lane to enter her property before Peter became the owner of the property. Which of the following is TRUE?

• A) Marisa is a tenant at will.

• B) Marisa has been given a licence by Peter to enter on his land

• C) Marisa has acquired possessory rights over Peter’s land

• D) Peter’s land is subject to a restrictive covenant in favour of Marisa

• E) Marisa has an easement over Peter’s property

What is the importance of registering a deed?

• A) Registration is required to prevent adverse possession

• B)  Registration is deemed to constitute notice to the public of the interest of the person registering.

• C) If a deed is not registered, the land will be forfeited to the crown

• D) Registration creates an estate in the land

• E) All of the above

Ava Handel rents a store for her business from John Taylor without a written lease.  The window breaks during a cold snap.  Which of the following is TRUE?

• A)  Taylor has the obligation to repair the window.

• B)  Handel has the obligation to repair the window.

• C)  The landlord usually has the obligation to repair, but this damage is normal wear and tear, so Handel must repair it.

• D)  This would be considered a structural repair, so Taylor is responsible.

• E)  A cold snap is in the same category as fire and hurricane, so Taylor is responsible for the repair.

In which of the following circumstances can a landlord evict a commercial tenant for failure to pay rent?

• A) Where the rent is due and remains unpaid for 30 days or more

• B) Where the rent is due and remains unpaid for 60 days or more

• C) Where within a six month period, the tenant has failed to pay the time on at least three (3) occasions

• D) Where the rent is due and remains unpaid for 15 days or more

• E) Where there has been a persistent failure by the tenant to pay the rent on time

Shaffer’s Ltd. leases a clothing store from Haimish Holdings Ltd.  By the terms of the lease the landlord is to make repairs.  The roof leaks but Haimish refuses to fix it.  Which of the following can Shaffer’s do?

• A)  withhold the rent until the landlord fixes the roof

• B)  have the roof fixed and deduct the cost from the next rent, but it must pay the balance

• C)  bring a court action to have the landlord do the repairs

• D)  immediately terminate the lease

• E)  none of the above

Metro Finance Co. lends $100,000 to Joe Simms with a mortgage on his house as security.  Simms defaults.  Which of the following remedies, if any, does Metro Finance NOT have available to it? 

• A)  sue on the covenant

• B)  apply for sale of the property under judicial supervision

• C)  apply for court order foreclosing Simm’s interest in the property

• D)  take possession of the property

• E)  It can do any of the above.

Which of the following is the most common remedy that a lender will use if the mortgage on a home is not paid?

• A)  judicial sale

• B)  power of sale

• C)  foreclosure

• D)  sue on the covenant

• E)  evict the borrower, take possession of the property and using it as a rental property